Impac Mortgage Raises $56 Million To Grow Its Non-QM Business

Posted by Patrick Barnard on April 19, 2017 No Comments

Impac Mortgage Holdings Inc. has raised $56.0 million by selling shares of its common stock in a registered direct offering to certain purchasers, the lender reports.

Joseph Tomkinson, chairman and CEO of Impac Mortgage Holdings, says the company will use the money to help grow its servicing portfolio, as well as its production of non-qualified mortgage (non-QM) loans.

“The new capital will be used to continue to expand the growth of our servicing portfolio and assist us on our anticipated return to the securitization market with our rapidly growing non-QM production,” Tomkinson says in a release. “Additionally, this capital gives us the ability to continue to expand into diversified income platforms and take advantage of strategic opportunities presented to us.”

Impac’s operations include mortgage and warehouse lending, servicing, portfolio loss mitigation and real estate services, as well as the management of the securitized long-term mortgage portfolio, which includes the residual interests in securitizations.

Impac Mortgage last made news on MortgageOrb in 2014 when it was announced that Prospect Mortgage had acquired Impac’s retail locations in four Western states.

Included in the acquisition were portions of Impac’s operations team, including the hiring of approximately 15 operations staff.

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